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Tennessee INCITE fund invests in healthcare, business services, and the sports world

The state of Tennessee’s INCITE fund has fueled more than $4 million in private investment in ventures including health care, business services and the sports world.

In an announcement, The Tennessee Technology Development Corp., which is administering the fund for the state, announced $4.4 million in private investment following $1.9 million from the government fund. INCITE is a nearly $30 million pot of federal money the administration of Gov. Bill Haslam, a Republican, developed as part of a larger innovation and job creation plan.

The Nashville Business Journal reported earlier on the fund’s focus as it ramped up, as well as debate over its guidelines.

Excerpts from the recent announcement:

“We are encouraged by the level of participation in this initial round of INCITE Fund co-investments and are optimistic about the positive economic impact this program will have on our great state,” Dr. Leslie Wisner-­‐Lynch, president and CEO of TTDC, said.

Companies include:

• Molecular Sensing, Inc. — molecular interaction biosensor technology, for use in pharmaceuticals, $450,000 INCITE, $900,000 private investment.

• Pathfinder Therapeutics, Inc. — “GPS”-guided health care technology, $633,333 INCITE, $1.9 million private investment.

• Pro Player Connect — guide for professional athletes and businesses to develop marketing brands, $274,994 INCITE, $550,152 private investment

• SIGNiX — business services technology, $250,000 INCITE, $500,000 private investment

• Venture Incite — technology commercialization, $274,425 INCITE, $548,850 private investment.

 

Source: Nashville Business Journal http://www.bizjournals.com/nashville/news/2012/05/22/incite-tennessee-bill-haslam-ttdc.html

 
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    Technology transfer firm Venture Incite has named Scott A. Ewing as a principal and managing director.

    Venture Incite, a new business formed by the partners of Nashville venture capital firm Solidus Co., is designed to serve as an entrepreneurial accelerator for commercializing high-potential technology from government and academic research laboratories. Through its offices in Nashville and Oak Ridge, Venture Incite will partner with those government organizations and labs to build companies around their most promising technologies with the goal of getting the business ready to be a recipient of early-stage venture capital.

    Ewing, 49, will be responsible for developing the company’s strategy for building high-growth companies and overseeing daily operations. A former US Navy aviator and operational intelligence officer, Ewing has an extensive background in international programs, tech transfer, aerospace operations and telecommunications management.

    Prior to joining Venture Incite, Ewing was a registered representative with Edward Jones Investments. The Franklin and Marshall College graduate holds a Master’s Degree in International Relations from Troy University and has completed graduate studies in communications with the University of Colorado at Boulder Center for Advanced Training in Engineering and Computer Science.

    “Scott Ewing is a proven leader,” said Venture Incite President Vic Gatto, who is also a partner in Solidus and related Solidus-TNInvestco. “His background gives Venture Incite a wealth of experience to tap into as we move forward.

    (Disclosure: Solidus is a major investor in NashvillePost.com parent SouthComm Inc.)

    Gatto said he expects Venture Incite to work on 10 to 15 projects each year, noting that it already has three projects lined up.

    The business is part of Solidus’ overall strategy to launch entrepreneurial accelerators in each of Tennessee’s four major cities. So far, it’s got Jumpstart Foundry in Nashville, Seed Hatchery in Memphis and is in early discussions about opening a Chattanooga office.